No one buys a home thinking that they will eventually wind up in foreclosure, but sadly it happens to many. If you find yourself in the position of missing mortgage payments because of a loss of income, you will find yourself in this position. But, foreclosure is not a forgone conclusion provided you act quickly and get to a Foreclosure Attorney in Chicago as soon as you know you are getting into trouble. The sooner you act, the better as you retain control of the situation instead of letting the bank take the upper hand.
A foreclosure defense typically involves filing for bankruptcy, which will halt any collection activity against you by the bank. But before reaching this point, you have to act first. The reason is one of beating the bank to the punch, as it were. If the bank files foreclosure proceedings against you, it will be that much more difficult to to resolve the matter through bankruptcy. All is not lost if the bank files first, but it takes fast footwork by a Foreclosure Attorney in Chicago to vacate the foreclosure. At this point, you are relying on a judge’s good nature to throw out the bank’s attempt to take your home, and it’s not a good position to be in.
Filing for bankruptcy before the bank gets to file a foreclosure is key to retaining your home. When you file a bankruptcy, all collection activity against you is halted. There can be no seizure of the home if the bank was unable to file before you. Now the bank has to come to the table to negotiate a settlement on the mortgage with you. A foreclosure lawyer negotiates with the bank on your behalf and performs the back and forth process until both sides can agree on a resolution.
This process is not a fast one, and it can drag out for some time before the bank agrees. In the meantime, you retain possession of the home as long as you maintain your property taxes and any related fees, such as homeowner association dues. Eventually, a settlement has to be made in order to avoid irritating the court, resulting in a renegotiated mortgage that you can afford. For more information visit Chicago Debt Solutions. You can also visit them on Facebook for more information.
